PHOTO
05 October 2015
Islamic banking assets in the United Arab Emirates grew to AED 445 billion at the end of the second quarter of 2015, an increase of 9.8% since the start of the year, UAE Central Bank Governor Mubarak Rashid Al Mansouri said on Monday.
He said that the eight Islamic banks in UAE increased their share of total banking assets to 18.4% at the end of the second quarter from 17.3% in the first quarter of 2014.
"Islamic finance has become an asset that is growing dramatically worldwide, and we are proud of the expansion of Islamic banking growth tools which serve more than two billion Muslims and meet the needs of other sectors globally," Al Mansouri told the Global Islamic Economy Summit in Dubai.
The central bank governor said that global Islamic banking assets hit USD 1.3 trillion, growing at around 16% annually- a much higher pace than conventional banks' growth.
He said the UAE ranked second worldwide, after Malaysia, on the Global Islamic Economy Indicator.
'We will not settle for second place, and we will keep striving until we are number one globally,' Al Mansouri said.
© Zawya 2015
Islamic banking assets in the United Arab Emirates grew to AED 445 billion at the end of the second quarter of 2015, an increase of 9.8% since the start of the year, UAE Central Bank Governor Mubarak Rashid Al Mansouri said on Monday.
He said that the eight Islamic banks in UAE increased their share of total banking assets to 18.4% at the end of the second quarter from 17.3% in the first quarter of 2014.
"Islamic finance has become an asset that is growing dramatically worldwide, and we are proud of the expansion of Islamic banking growth tools which serve more than two billion Muslims and meet the needs of other sectors globally," Al Mansouri told the Global Islamic Economy Summit in Dubai.
The central bank governor said that global Islamic banking assets hit USD 1.3 trillion, growing at around 16% annually- a much higher pace than conventional banks' growth.
He said the UAE ranked second worldwide, after Malaysia, on the Global Islamic Economy Indicator.
'We will not settle for second place, and we will keep striving until we are number one globally,' Al Mansouri said.
© Zawya 2015
